With the deal, Colonial will be able to gain control over the marine terminal operations and assets, including dedicated rights to a refined product dock, at the Port of Port Arthur in Texas, US.
The deal also covers a long-term volume agreement with an unnamed local refinery.
Colonial Pipeline Company president and CEO Joe Blount said: “The acquisition of this asset is part of Colonial’s long-term strategy to continue expanding customised service offerings to our customers.
“An important addition to our marine portfolio, this asset will give us the ability to take advantage of the increasing Gulf Coast export opportunities by expanding our footprint and operational capabilities.”
Colonial currently provides marine logistics solutions and operational services in the Greater Beaumont / Port Arthur area through CTL.
Port of Port Arthur is situated on the Gulf of Mexico to offer direct transfer facility to any type of commodity.
With a 3,102ft dock length, the port has two shed tracks for an 80-car capacity and six track storage yards with up to 140-car capacity.
The port is capable of handling any type of breakbulk general cargo, including forest products, iron and steel products, dry bulk cargoes, project and military cargo, as well as bagged and bailed goods.